Credit Union Call Report Modernization Effective March 2022
In 2016 the National Credit Union Association (NCUA) began an effort to update the quarterly Call Report. The review of the report, the Call Report Modernization project, was recently completed, and the NCUA announced the changes that will be effective with the Call Report due March 31, 2022.
Restructuring the Call Report
The comprehensive review was an effort at streamlining the report to improve the practical use of the report and to “minimize the burden” of collecting the data.
One significant priority was to accommodate the Risk-Based Capital ratio calculation schedule.
Another primary focus of the review was a thorough updating or retiring of obsolete codes. Below is a sample of codes reviewed for updating or retiring:
Draft of the March 31, 2022 Call Report Published
The NCUA now has a draft of the March 31, 2022 Call Report with changes published online.
We are still reviewing these changes, but at first glance, we see these updates:
- Simplified balance sheet reporting; total numbers only.
- The supporting schedules for investments and shares are moved further back in the Call Report. This is similar to how we are already reporting Loans.
- Time Deposits are now combined; no breaking out Credit Unions versus Banks.
- Other information appears to be the same, just located in a different location of the Call Report.
Credit Union Call Report Requirements and Compliance
For help with your credit union Call Report updating, compliance, and preparation give us a call.